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April may be the month with the largest cryptocurrency trading volume so far in 2024 — a significant achievement given that Bitcoin (BTC) hit an all-time high in March and the United States approved its first-ever spot BTC exchange-traded fund (ETF) in January.
This month could see significant changes in the cryptocurrency market, primarily centered around the halving event and driven by it.
The recent cryptocurrency market massacre has also ensured that many cryptocurrencies are currently below their annual highs, providing multiple value buying opportunities for potential investors.
Finally, April could also be an important day for meme coins, as not only are many new meme coins being released on the Solana (SOL) blockchain, but it's also timely for well-known influencers like billionaire Elon Musk. April Fool's joke led to a surge.
Bitcoin (BTC)
While Bitcoin has seen a significant increase in 2024, the halving event is likely to make it the star of April, reducing mining rewards and making the remaining portion of cryptocurrency extraction more difficult.
Despite the high price, historical data suggests that Bitcoin could see a significant surge in the coming months, as after previous halving events, regardless of the starting point, the value of Bitcoin has risen tenfold to a hundredfold.
Even though the momentum is not as significant as before, Bitcoin, after briefly breaking $70,000, has recently stabilized around $67,000, and the price target for 2024 remains overall bullish. Some — like the well-known investor and author of the best-selling personal finance book "Rich Dad Poor Dad," Robert Kiyosaki — set targets as high as $300,000.
Although the current pause has even led to a 1.56% drop in BTC in the past 7 days and a 0.16% drop in the past 24 hours, major cryptocurrencies have seen a significant increase since the beginning of 2024. Bitcoin's year-to-date increase rate is 57.24% as of the time of writing, with a price of $66,836.
Cardano (ADA)
Since the end of 2023, the price of Cardano (ADA) has seen a significant increase, rising from $0.24 in October to $0.6452 on Monday, March 25, and began to establish a pattern after major rebounds, followed by adjustments, ultimately leading to new and even larger rallies.
If Cardano continues on its trajectory of an 80% increase within 52 weeks and a 6.43% increase in 2024, it could soon return to its all-time high above $2.80.
Several developments indicate that this driver may be in the making. The number of smart contracts on Cardano Plutus v1 and v2 has been steadily increasing, with the first quarter of 2024 seeing four times the number added in the whole of 2023.
Furthermore, since January 1, Cardano has added an average of 2,000 new wallets per day, demonstrating widespread and high interest in ADA.
Dogecoin (DOGE)
While there are no guarantees for meme coins, many cryptocurrencies based on internet jokes are likely to experience a significant rebound in April.
In fact, the current phase of the cryptocurrency market has seen some new cryptocurrencies skyrocket, such as Dogwifhat and Slerf (SLERF), where traders cashed in millions relatively quickly.
Dogecoin (DOGE) is the world's oldest meme coin and remains a strong competitor in 2024. Moreover, with its increasing popularity, it is in a favorable position for a rebound, as even if history does not repeat itself, it could skyrocket in early April as investors bet on Elon Musk repeating his X jokes from 2023.
Nevertheless, Dogecoin has surged 135.97% in the past 52 weeks, 99.36% in the past 30 days, and 15.61% on the weekly chart to $0.176 (the highest since the end of 2021). Despite the hope, Dogecoin remains a risky bet. |
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Post time 7-4-2024 17:26:22
Post time 8-4-2024 14:12:04